Investment bank JPMorgan's India unit has lost four senior executives, the latest in a series of moves in the country's financial sector, where salaries have soared on the back of a booming stock market.
From the team of 35 people, we confirm (that) four people have decided to move on, Randolf Clinton, managing director, head of cash equities for Asia ex-Japan, said in a statement.
We reiterate that India continues to be a priority focus for JPMorgan. We propose to make additional announcements shortly, he said.
An Indian newspaper said the four executives -- Sameer Lumba, its head of equity sales; Rohit Shah, its head of sales and trading; Rajiv Gala and Manish Dabir -- were joining the institutional equities arm of JM Financial
JPMorgan had itself wooed equity analysts from Citigroup, Kotak Securities and Stratcap Securities recently. Its rivals, including Goldman Sachs and UBS, have also been poaching talent as they scale up operations in India.
JM Financial in February split from venture partner Morgan Stanley, which paid $445 million for the Indian firm's institutional equities sales, trading and research platform.
JM Financial has since bought a 60 percent stake in local brokerage ASK Securities Pvt. Ltd. and said it was in talks with several boutique investments banks abroad for a stake in one.